A lot of people don't have much dicretionary income after paying utilities,rent or mortgage ,taxes,transportation,clothing, and food.
This is just another giant giveaway aimed squarely ay buying the votes of obama supporters.
Just call it the Marxist Professor Full Employment Act. This does nothing but pump billions of taxpayer dollars into phoney, at best, destructive, at worst, college degrees that add nothing to the functioning of society.
10% of discretionary income. What a laugh (or cry!). They know perfectly well this will be gamed to produce no loan repayment. Barney Frank must have thought this one up.
Now that we have mandatory health care insurance, my discretionary income is gone.
Honestly, half of one of my paychecks goes to student loans for my wife and I (and we owe less than the average).
This really MAKES ME FURIOUS because another $200 or so would REALLY help us out.
I don’t like this in general, but it makes me mad that Obama is limiting it to future loans.